Who gets the money when you sell your house and how to avoid it?

ACWORTH, Ga. - April 20, 2023 - PRLog -- Heck no you do not get all the money when you sell your house. Big Brother (government) gets a large share plus local and city taxes. The next in line will be the mortgage if you have one and then agent fees. Then you have all the smaller fees such as attorney fees, doc fees, mailing fees, and wiring fees.  All this adds up, so if you are needing a certain amount of money from the sale of your house, have the agent or real estate attorney provide you with a list of all fees.

In some cases, you will be able to avoid some of the fees being charged. If you live in houses for two years or more, you will not have to pay capital gains. It is possible you can take advantage of the following and help with fees such as moving due to military, using a 1031 exchange, and an installment sale. You can always touch base with your local attorney and tax consultant to help you concerning the items above.

Fees from real estate closing

Buying a home is one of the most significant financial decisions you will make in your life, and it's essential to be aware of all the costs associated with it. Closing costs are one of the expenses that you should be aware of when purchasing a residential property. Closing costs are fees charged by lenders and other parties involved in the transaction, which include various expenses incurred during the sale.

Closing costs for a residential real estate transaction are typically expressed as a percentage of the purchase price and can range from 2-5%. For example, on a $200,000 home, closing costs could be anywhere from $4,000 to $10,000. The exact amount will vary depending on a variety of factors, such as the location of the property, the type of mortgage, and the terms of the sale.

Title insurance (https://www.campbellandbrannon.com/title-insurance/) is one of the most common closing costs. This type of insurance protects the lender and the buyer from any potential claims against the property's title. The cost of title insurance typically ranges from $500 to $2,000, depending on the location of the property and the policy's coverage.